Bookkeeping: Cutting Back Millipore (MIL)

For identical reasons I cut Alliance Data Systems (ADS) yesterday (200 day moving average being breached) I am cutting Millipore (MIL) to the bone. I guess there is no safety even in healthcare. I know hedge funds own a ton of this one, and just like ADS it had held up until this week. Perhaps after they've blown out all their commodity stocks they now are moving to their next group of holdings as the deleverage game continues into hedgie land.

Reducing Millipore from a 2.2% stake to 0.1% stake by selling in the mid $70s.

This is an easy set up. There appears to be support around $64, and a ton of resistance here in the low $70s. So until north of $74 or down to $64 it is in no man's land. Again, we don't ask questions in this environment because in other holdings we have seen, once a stock breaks support, it can be part 1 of a very long leg downward. If we're wrong - so be it - all we lose is some upside. If we are right - we protect from a lot of pain to the downside.

[Aug 15: Initiating Millipore Position]

Long both names mentioned in fund; no personal position